Chevrolet introduced the 2022 Bolt last weekend and it will start at $31,995 when it goes on sale this summer.

That’s $5,500 less than the current model and it’s being joined by an all-new Bolt EUV which begins at $33,995.

Tesla seems to have taken notice as they’ve slashed prices on the Model 3 and Model Y. The Model 3 RWD Standard Range Plus now starts at $36,990 which is a decrease of $1,000.

The Model 3 Dual Motor AWD Long Range is still priced at $46,990 while the Model 3 Dual Motor AWD Performance sees a $1,000 price hike to $55,990.

Also Read: Tesla Kills Off The Affordable $35,000 Model 3 Once Again

Moving on, the entry-level Model Y RWD Standard Range now starts at $39,990 which is cut of $2,000. As with the Model 3, the Model Y Dual Motor AWD Long Range remains unchanged at $49,990 while the Performance variant now costs an extra $1,000 as pricing begins at $60,990.

While the Model 3 costs $2,995 more than the facelifted Chevrolet Bolt, it has a slight 4 mile (6.4 km) advantage in estimated range. However, the Bolt EUV is $5,995 cheaper than the Model Y and can travel approximately 6 miles (10 km) farther.

On top of that, the Bolt EUV will become the first Chevy to be offered with the Super Cruise semi-autonomous driving system. It allows for hands-free driving on more than 200,000 miles (321,869 km) of roadway in the United States and Canada.

Regardless of which vehicle you prefer, it’s hard to argue with lower prices across the board.

H/T to Car & Driver